Coinbase Global Inc. (COIN) has announced its Q4 2024 financial results, reporting a revenue of $2.3 billion, exceeding analysts’ projections by 23%. This strong performance is attributed to a surge in cryptocurrency trading volumes, fueled by rising prices of Bitcoin and Ethereum in late 2024. The company’s earnings per share (EPS) also saw significant year-over-year growth.Key highlights from the report:
- Revenue reached US$2.3 billion, compared to US$954 million in Q4 2023.
- Earnings per share (EPS) increased from US$1.04 in Q4 2023.
The positive results could potentially drive COIN’s stock price higher, with some analysts projecting a price target as high as $400. However, the stock’s price is also influenced by the performance of Bitcoin and Ethereum, as trading revenue heavily relies on these assets.
